How to Set Up a Company in Singapore

Singapore is one of the most business-friendly countries in the world. It provides solid trademark IP protection, a well-developed tax framework and superb connectivity. The city-state values innovation and encourages entrepreneurs to make their mark. It also offers a host of incentives, including no capital gains tax. However, there are some requirements to meet before setting up a company in Singapore. 1. Requirements for a company Singapore is a highly competitive business environment that seeks innovation. It has one of the lowest barriers to starting a business and ranks #2 in the World Bank’s Doing Business Report. You must secure a business license and permit before you can start operating your company in Singapore. This is typically determined by your industry type and can vary between industries. You must appoint a qualified resident company secretary within six months of your company registration in Singapore. Our nominee director service can help you meet this requirement. 2. Registration of a company You will receive hard and soft copies of your Certificate of Incorporation and Company Business Profile from ACRA. These are used for legal and contractual activities like opening corporate bank accounts and subscribing to office utilities. The company name must be unique, free from vulgar, offensive and obscene words and not infringe on any trademarks. It must also be registered with BizFile+ before incorporation. 3. Obtaining a registered address The next step in the process of registering a company in Singapore is to obtain a registered address. This is a requirement set by the Registrar of Companies. A registered address is used to receive mail from governing bodies and other entities like banks. This is important because it will allow you to check for reminders about annual filing and new government incentives. 4. Obtaining a business license Certain types of business activities require specific licenses or permits. These must be obtained before commencing any commercial activities once the company has been incorporated. Compliance with Singapore’s licensing requirements helps businesses establish legal legitimacy, fosters consumer trust, and reduces the risk of penalties or closure. It also ensures that the company is operating in a safe and secure environment. 5. Obtaining a GST number For foreign entrepreneurs who wish to register a company in Singapore, they should engage the services of an EP-approved Registered Filing Agent. These agents can submit the application to ACRA on their behalf. For foreign shareholders and directors, it is recommended to hire a professional nominee director who has a Singapore address. This person will assume full compliance responsibilities and liabilities. 6. Obtaining a business permit Some kinds of companies require specific licenses and permits from the Singaporean government before they can begin operations. These include educational institutions, travel agencies, real estate agents, liquor or tobacco distributors, and financial institutions. Hiring an agent for company registration in Singapore saves you time & money and ensures your business meets all the requirements. They will also help you obtain a business permit. 7. Obtaining a tax number Singapore is a great place to set up a business because it offers a pro-business environment and robust protections for intellectual property. However, there are several requirements to be aware of before registering your company in Singapore. One requirement is to have at least one local director. Fortunately, there are services that can help you with this. These service providers are known as registered filing agents. 8. Obtaining a bank account Singapore is one of the world’s best banking hubs, offering top-notch transparency and clear government regulations. It’s also easy to open a bank account in the city-state as a foreigner. During the appointment or online application process, you’ll need to provide identification documents and business documentation. You’ll also need to select an auditor and choose an SSIC code. Obtaining a bank account is essential for company registration in Singapore. It helps to separate your personal assets from the assets of your company. 9. Obtaining a nominee director Some businesses in Singapore require permits or approvals from government authorities before they can operate. These include private schools, travel agencies, video companies, liquor distributors, banks and financial advisers. A nominee director is a person who holds a position of responsibility in a company but does not have any operational duties or powers. This person is usually a resident of Singapore. Nominee directors are used to meet statutory requirements in Singapore. They ensure that regulatory filings are completed on time and that accounting records are kept properly. 10. Obtaining a registered address A registered address is a mandatory requirement for businesses in Singapore. It must be accessible to the public for five hours during business days. It must also be a physical address and not a P.O. box. It is best to hire a company secretarial firm that can help you obtain a registered address at a reasonable cost. They can also provide nominee directors. how to set up a company in Singapore